Hooray, $100 Nymex Crude

By Mark Gongloff

This is utterly meaningless aside from psychology, because Brent crude — the true benchmark for how many limbs we will need to saw off and swap for a few droplets of sweet, sweet gasoline — has been above $100 forever.

But it will make the evening news and freak everybody out a little bit, neutralizing the effect of the drop in CPI, so there you have it.

Dow futures are down a little more now, off 95 points, with S&P futures down 13 points.

Comments (5 of 5)

Stop listening to incompetent central bankers (Bernanke) and empty-headed agendaists. Inflation is going up and the only question is how much. So take steps now to protect yourself a bit. Being informed and acting on the information is core to responsible investing. Not doing so is the definition of foolishness.

Consider buying some shares in ETF DB Powershares Commodity Index Tracking Fund (DBC). About 33% of this index of 14 key commodities is allocated to energy (oil). Commodities have to go alot higher in the longer term because of all the money printing. Central Bankers can not dismiss the law of supply and demand indefinately. Donald Trump said in a recent Fox News interview that "higher inflation is soon coming soon". Get ready for it.

10:00 am November 16, 2011

Chris Henderson wrote :

No pipeline, so therefore we get higher oil prices like the rest of the world.

9:55 am November 16, 2011

Nobama wrote :

Nobama doesn't care as long as he gets your tax dollars to spend. He is quickly destroying this country in the name of socialism. If you have money he wants it to spend, if you don't then die with Obamacare

9:16 am November 16, 2011

sbenard wrote :

This blog post seems dismissive and mocking of the high cost of energy on Americans. It's not just the gas tank, either. It affects the price of just about everything, including food! CPI is a doctored figure, something also either dismissed or neglected by the writer of this blog post. The Fed's core CPI literally ignores the rising cost of food and energy on Americans' budgets! This story also ignores that crude oil has gone from $36 to $100 per barrel over the past 2 1/2 years, nearly a 300% increase!

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